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Seoul, South Korea, Nov 14, 2022, Chainwire
Argos ID is pleased to introduce the world’s first travel rules solution for cryptocurrency wallets. The service fully covers non-hosted wallet verification, which Virtual Asset Service Providers (VASPs) currently find difficult.
As of the FATF guidance on verifying originator and beneficiary information for crypto-asset transactions, it has become necessary to know the identity of crypto wallet holders. To comply with FATF guidance on non-hosted wallets, jurisdictions have begun applying enforcement and supervisory measures to local VASPs.
For jurisdictions looking for a simplified travel rules solution, especially a personal crypto wallet, ARGOS ID will play an important role. ARGOS ID brings the following benefits to VASPs:
The ARGOS ID allows crypto wallet owners to easily view information across multiple crypto wallets. Creating a crypto wallet is done without submitting any personal information. To verify the ownership of a crypto wallet, we need to verify the identity of the wallet owner. ARGOS IDs help identify Unhosted Wallet users to both originators and beneficiaries.
After creating an ARGOS ID, users can connect to multiple crypto wallets such as MetaMask, Phantom and WalletConnect with a one-time Know Your Customer (KYC) process.
ARGOS ID provides an ideal environment in which individuals can manage their own information. Suitable for Web 3 environments, as ARGOS ID users can decide which information to delete or amend after cryptographic wallet verification is complete. Information includes SNS logins, verified crypto wallets, and photos submitted for ID and selfies during KYC. ARGOS ID is a self-sovereign digital ID, allowing wallet owners to control their personal information.
Connect multiple crypto wallets with one-time KYC (Know Your Customer). After creating your ARGOS ID, you will need to complete the KYC process. ARGOS ID currently supports 5 blockchain networks (Ethereum, Solana, Binance Smart Chain, Polygon, Klaytn) with more to come.
An ARGOS ID allows third parties to trade virtual assets. This means that virtual assets can be sent to customers outside of her VASP. For example, if a VASP customer wishes to send virtual assets to a third party who is not a VASP customer, the ARGOS ID can also be applied. Crypto wallet verification is available for both VASP customers and non-customers with her ARGOS ID.
Once both crypto wallets are verified, virtual assets can be exchanged between customers and non-customers. Both the sender’s crypto wallet and the recipient’s wallet are verified, including KYC, which is expected to alleviate the inconvenience of many cryptocurrency exchanges at this stage.
ARGOS ID is a digital ID suitable for the Web 3 environment. Applying the ARGOS ID solution to your service supports regulatory compliance for sending and receiving virtual assets. Secure the sender and recipient information you need with ARGOS ID. With a simple API and web SDK, your service can provision ARGOS IDs without delay. Experience simple, fast and easy integration.
ARGOS started its business with the aim of providing seamless KYC. With the advent of Web 3 and the rise of the cryptocurrency industry, ARGOS expanded its business into his ARGOS ID. ARGOS ID aims to provide a Travel Rules solution for validating non-hosted wallets. Make non-hosted wallets compliant.
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Fullstack Inc. Marketing Manager Jieun Lina Kim [emailprotected]82-10-6480-3423
